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Get your taxes done using TurboTax
Thank you @Cynthiad66 for your response. There is a typo in the response. Are you saying #1 is correct, but #2 should be zero? Please confirm.
Just for clarification, I did not trade in my car. I simply sold it. In 2015 I started using this car for business use also. I estimated what it would have been worth (fair market value - or FMV) in 2015. Then I subtracted the 2021 sale proceeds from this FMV and multiplied the results by the business use percentage. If this is not how to calculated box #2, please let me know how to do it.
Thank you very much!
March 28, 2022
9:24 AM